- Ripple price prediction nowhere near exhaustion as XRP touches $1.8392 high
- The earlier target of $1.58 now turns into a significant support pivot point
- Persistent buying amid overbought technical indicators keeps bullish rally intact
- A top is forming on the 12-hour chart, which may warrant minor correction.
As XRP skeptics questioned the unending bull rally and predicted a correction, the bulls have come to the rescue pushed the price past $1.8392. Ripple price has surged by more than 16 percent in the past 24 hours alone. There is no stopping the bulls as they build momentum on the back of heavy volumes and liquidity.
The MRI indicator is showing signs of a top formation on the daily and 12-hour charts. Such a pattern will lead to a minor correction in Ripple price prediction. However, stretching Bollinger Bands are in no mood to contract and accommodate any correction. The relentless move has more than tripled the XRP price just in past 35 days. Still, bullish Ripple price prediction is very much in play despite the overextended uptrend.
Ripple price movement in the last 24 hours: Overextended and sloping higher
The short-term charts are nothing short of an exuberant bullish rally. Almost all the technical indicators are way off the limits and clearly in bull territory. The remittance token is relentless as both fundamental and technical factors are playing in its favor as per Ripple price prediction.
The indecisiveness of the weekend movement has turned into another bull run and so has Ripple price prediction. The ultra-bullish momentum from April 4 to April 6 is now posing a serious challenge to the bullish momentum. The ascending price channel will have to stop at higher levels and take a break. A small stop-over near the $1.58 region left a bull flag and the price will test at some later stage.
The XRP/USD has surged from $1.3776 to $1.8392. Market participants expecting the bearish ripple prediction to materialize were left stunned. The flag pole height is beckoning even more bulls to open long positions. The pole pattern’s breakout point remains at $1.58 and will undoubtedly serve as a crucial support level in the coming weeks.
XRP/USD 4-hour chart: Bollinger Bands no longer contains price action
The Bollinger Bands are in an overstretched position for the past four days. They appear to be defying gravity as the XRP surges to fresh highs every day. Currently, the price has surged beyond the January 2018 highs and touched $1.8392. This year, the remittance-based cryptocurrency has surged close to 700 percent.
The numerous developments in the lawsuit filed by SEC against Ripple have not affected the price rise and Ripple price prediction. As the lawsuit progresses, the possible outcomes are becoming instrumental in deciding the future price action course. In the recent past, some exchanges even banned XRP trading, and the same was later restarted.
With a valuation of $60 billion, XRP is one of the premier most cryptocurrencies in the market today. In the past 24 hours, the valuation figures have increased by $12 billion. Such a meteoric rise in the XRP price will only contribute further to its journey to fresh highs. The strong rally will be facing stiff resistance at $1.800 before achieving the long-term goal of $2.00 that is enticing the traders.
Ripple price prediction conclusion: $2.00 is within sight as traders boost momentum
Turning to the daily chart, the XRP/USD pair is deep within the overbought zone and warrants correction. The ascending price channel has ample support from the rising moving averages that set the support levels higher taking Ripple price prediction upwards.
The symmetrical triangle pattern is also helping the pair rise higher on the hourly charts. The $2.00 target will be far-fetched if the bears can take the price down below the $1.57 support level.
The 25-day and 50-day moving averages are also supporting the bullish momentum. The key resistance at $2 is acting as a magnet instead of giving massive defiance to the bulls. There is no doubt that the underlying momentum built upon volumes and liquidity helps the buyers pile up more long positions.
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